PRP Real Assets has completed the sale of the Broadcom Corporate Campus in Irvine, transferring ownership of the headquarters property to Broadcom for $325 million. The privately held real estate investment and management firm, based in Washington, DC, had previously owned the campus before Broadcom elected to acquire the site it occupies.
The property totals 660,893 square feet within the Irvine Spectrum District and is configured as a two-building corporate campus. Each of the office buildings rises five stories and is located at 15101 and 15191 Alton Parkway. The campus was developed specifically as Broadcom’s corporate headquarters and incorporates significant research-and-development space to support the company’s operations.
Construction of the two-building complex was completed in 2017 and 2018. Global design firm Gensler served as the architect, creating a purpose-built environment for Broadcom’s corporate and R&D functions. The 9.6-acre site also includes 2,989 parking spaces, supporting the property’s large employee headcount and campus-style layout.
In commenting on the transaction, PRP Real Assets president Paul C. Dougherty said Broadcom’s decision to purchase the campus highlights its importance to the company and affirms the approach behind PRP’s Mission-Critical Net Lease strategy. He noted that the asset combines a high-quality property, a strong tenant and an irreplaceable location in what he described as one of the nation’s leading technology markets.
Dougherty added that PRP is pleased with the outcome achieved for its investors and acknowledged Broadcom’s collaborative role in bringing the transaction to completion. The sale marks a full cycle for PRP’s investment in the campus, while Broadcom’s acquisition secures long-term control of its headquarters and R&D hub within the Irvine Spectrum District.
